The life insurer’s Value of New Business (VoNB) has declined by one per cent and stood at Rs 8.7 billion in the reporting quarter. Similarly, the company has seen its New Business Margin (VoNB Margin) falling to 28.8 per cent in Q1Fy 2023-24 from 30.4 per cent in the year-ago period
Mumbai:
SBI Life Insurance on Tuesday reported a 45 per cent increase in net profit at Rs 381 crore for the June quarter.
The private sector life insurer, promoted by country’s largest lender SBI, had posted a net profit of Rs 263 crore during the April-June period of 2022-23.
The life insurer’s Value of New Business (VoNB) has declined by one per cent and stood at Rs 8.7 billion in the reporting quarter. Similarly,the company has seen its New Business Margin (VoNB Margin) falling to 28.8 per cent in Q1Fy 2023-24 from 30.4 per cent in the year-ago period.
The company’s gross written premium during the June quarter rose 19 per cent to Rs 13,560 crore as against Rs 11,350 crore in the year-ago period, SBI Life said in a release.
The life insurer’s renewal premium has risen by 28 per cent year-on-year to Rs 7035 crore during the reporting quarter.
New Business Premium (NBP) has grown 11 per cent to Rs 6,210 crore in Q1 FY24, aided by growth in single premium business by 18 per cent, it said.
Asset under management grew by 25 per cent from Rs 2,62,350 crore as on June 30, 2022, to Rs 3,28,280 crore as on June 30, 2023, with a debt-equity mix of 69:31, it said.
The company’s net worth increased by 15 per cent from Rs 11,760 crore as on June 30, 2022, to Rs 13,530 crore as on June 30, 2023, it added.
The company’s solvency ratio continues to remain robust at 2.15 as on June 30, 2023 as against the regulatory requirement of 1.50.